Ethereum Price Analysis: ETH/USD fails at the $166.50 resistance line and falls down
- This Tuesday, the price of ETH/USD jumped from $143.50 to $165.85.
- The MACD indicator shows increasing bullish momentum.
ETH/USD daily chart
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ETH/USD bears have entered the market to correct the price following a heavily bullish Tuesday. This Tuesday, the price of the asset jumped from $143.50 to $165.85, before it fell to $161.40 in the early hours of Wednesday. The price is hovering above the 20-day Bollinger Band and the 50-dau Simple Moving Average (SMA 50) curve. The SMA 20 is about to cross over with the SMA 50, which is a bullish sign.
The Relative Strength Index (RSI) is trending at the edge of the overbought zone, while the Elliott Oscillator has had four straight green sessions. The Moving Average Convergence/Divergence (MACD) indicates increasing bullish momentum. What we can conclude via technical analysis is that while the bears are momentarily in control, the overall market sentiment is definitely bullish.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
